Ace says quarterly net income rises 13%

AlistairBarr

SAN FRANCISCO (MarketWatch) -- Ace Ltd.
ACE, +3.70%
said late Tuesday that third-quarter net income came in at $656 million, up 13% from a year earlier when the Bermuda-based insurance and reinsurance company made $578 million. Net income per ordinary share was $1.95 vs. $1.73. Operating profit, which excludes net realized investment gains and losses, was $692 million, or $2.06 a share, vs. $652 million, or $1.96 a share, a year ago. Net premiums written by Ace's insurance businesses grew 2% in the period, vs. a year earlier. The company's reinsurance businesses saw net written premiums drop 24%.

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